HomeMy WebLinkAbout00-00398
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MAGARO.JPNf2SJUL Y19o;,S/DISKI2
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u.s. $50,000.00
DATE: July 31,1998
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02.000- ~T'P C/;l(
INSTALLMENT JUDGMENT PROMISSORY NOTE
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City
, PENNSYL VANIA
FOR VALUE RECEIVED, the undersigned JA VIEL TORO and CARMEN RESTO,
adult individuals, of 501 North 7th Avenue, Lebanon, Pennsylvania, ("Borrower") promise to
pay to the order of RICCI S. MAGARO and LILLIAN A. MAGARO, or order, the principal sum
of FIFTY THOUSAND AND 00/100 ($50,000.00) DOLLARS, with interest at the rate of eight
(8%)on the unpaid principal balance from the date of this Note. Principal and interest shall be
payable to Ricci S. and Lillian A Magaro, 207 North 32nd Street, Harrisburg, Pennsylvania,
17109, or such other place or places as the Note holder may designate, in consecutive montWy
installments of ONE THOUSAND AND.00/100 DOLLARS (U.S. $1.000.00), on the first day of
each month with the first payment hereunder due on September 1, 1998. Such monthly
installments shall continue until the entire indebtedness evidenced by this Note is fully paid,
except that any remaining indebtedness, if not sooner paid, shall be due and payable on August
31,2003.
If any monthly installment under this Note is not paid when due and remains unpaid after
five days within the date that said monthly installment is due, the entire principal amount
outstanding and accrued interest thereon shall at once become due and payable at the option of
the Note Holder.
Borrower shall pay to the Note Holder a late charge of FIVE (5%) percent of any monthly
installment not received by the Note Holder within FIVE (5) days after the installment is due.
The undersigned does hereby authorize and empower any attorney of any court of record
of Pennsylvania or elsewhere to appear for the undersigned, after default in any payments due
and owing under the terms of this Note, and to enter j)ldgment against the undersigned in favor of
any holder of this Note for the outstanding amount due plus interest and other charges due and
owing under the terms of this Note, together with costs of suit, release of errors, together with an
attorney's commission of twenty (20%) percent, and without stay of execution of any kind; and
the undersigned hereby waives and releases any and all benefit and relief from any and all
appraisement, stay or exemption laws of any state now in force ereinafter to be passed.
CARMEN RESTO
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WITNESS
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WITNESS
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DISCLOSURE STATEMENT
The undersigned, JA VIEL TORO and CARMEN RESTO, having read this document in
its entirety, and fully understanding it, hereby state, admit, acknowledge, and certify the
following:
1. We have, this day, signed an Installment Judgment Promissory Note in which we
promise to pay to Ricci S. Magaro and Lillian A. Magaro the sum of FIFTY THOUSAND AND
00/100 ($50,000.00) DOLLARS.
2. The said judgment note gives the persons who hold or own the note the right to file
and enter judgment against us without any prior notice to us and without any right offormal
pleading, notice, or hearing for us before the entry of said judgment,
3. Such a judgment entered against us will automatically create a lien on all real estate
owned by us at that time, whether we own it now or acquire it later.
4. Such a judgment entered against us will entitle the person who owns or holds such a
judgment to issue execution against our property which can result in the Sheriff physically
attaching or taking possession of said property and selling it at a Sheriff's Sale.
5. That we will be compelled and required to hire an attorney to file formal documents to
open or strike such a judgment if we have a valid defense to the action taken against us, and
without those documents being filed, we will not have a right to a hearing or trial on such
judgment matter.
6. That we have an income, either together with any other persons who signed the note
with us, which is at least $10,000.00 per year.
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WITNESS
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WITNESS
CARMEN RESTO
Address:
501 North 7th Avenue
Lebanon, PA 17042
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